Administrative Fines
Financial penalties imposed by CIMA for breaches of regulatory laws, AML regulations, and specific regulatory rules.
Monetary_Authority_Act_(2020_Revision).pdf, Anti-Money_Laundering_Regulations_(2025_Revision).pdf, Monetary_Authority_(Administrative_Fines)Regulations(2025_Revision).pdf
2026-04-27
Under the monetary-authority-act-2020 and the anti-money-laundering-regulations-2025, cima (and designated Supervisory Authorities for dnfbps) has the power to levy administrative fines for prescribed breaches of regulatory laws and specific rules. This power applies to individuals, body corporates, partnerships, limited liability partnerships (LLPs), and unincorporated associations (source: monetary-authority-amendment-act-2023).
Breach Classification and Limits
Breaches are categorized into three levels of severity (source: Monetary_Authority_(Administrative_Fines)Regulations(2025_Revision).pdf and monetary-authority-amendment-act-2023):
- Minor Breaches:
- Fixed Fine: $5,000.
- Rectification: For minor breaches, a fine may be avoided if the breach is rectified within 30 days to CIMA's satisfaction.
- Total Limit: Total fines for a minor breach cannot exceed $20,000.
- Serious Breaches:
- Discretionary Fine: Up to $50,000 for individuals and $100,000 for corporate bodies, partnerships, LLPs, or unincorporated associations.
- Very Serious Breaches:
- Discretionary Fine: Up to $100,000 for individuals and $1,000,000 for corporate bodies, partnerships, LLPs, or unincorporated associations.
Fine Procedure
The process for imposing a fine involves several stages:
- Breach Notice: Notifies the party of the suspected breach and the proposed fine.
- Reply Period: The party has a minimum of 30 days to provide a written reply and evidence.
- Fine Notice: The final decision to impose the fine.
A decision to impose a fine is made on the balance of probabilities (source: Monetary_Authority_(Administrative_Fines)Regulations(2025_Revision).pdf).
Appeals and Interest
- Internal Review: Fixed fines can be reviewed by CIMA's Management Committee.
- Grand Court: Discretionary fines can be appealed to the Grand Court (leave to appeal required).
- Interest: Unpaid fines accrue compound interest at 5% per year, which is itself a debt owing to the Crown.